China's exports once again topped expectations with official data on Tuesday indicating that the continued global AI boom helped boost demand for chips and computing equipment from the world's second-largest economy in June.
The figures came despite global trade disruptions caused by the U.S.-Israeli war on Iran, providing a much-needed boost to China, which is increasingly reliant on exports to fuel growth.
Overseas shipments rose 27.0% year-over-year, beating the 19.0% forecast in a Bloomberg survey of economists.
The General Administration of Customs data also showed imports soared 36.0%, easily outstripping the 26.1% estimated in the Bloomberg survey, and well up from the 27.4% jump seen in May.
"Trade values took another big leg up in June. This predominantly reflects the recent surge in semiconductor prices on the back of the AI boom," Julian Evans-Pritchard, of Capital Economics, said in a note.
